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18,000 = p(1+.07405)^11

So 18,000=(1p+7405p)^11, right?

First step would be to add (1 + .07405) to get 1.07405
Then take that to the ^11

2.194166065

I thought the formula was A= p/e^rt

Good
now you have 18,000 = 2.194166065p
so divide both sides by 2.194166065

8203.572322= p

or $8203.57?

OK.. we can do it your way... just a minute.

18,000 = P e^(.07405*11)
18,000 = Pe^.81455
18,000 = P 2.258
Divide by 2.258
$7971.66

How do you calculate e?

I plugged it into the calculator... I have an e^x key.

Wait just a minute

Also the ln key right?

Ok, I got the same thing you got this time.

ok. It was the "e" part that was throwing me off. But what you and I got is what the book has also.

Great... A little out of my league... but I am glad we got it.

Now, with the formula with A =p(1+r/n)^nt
A = $982500 p+71500, t=17yr

Don't we have to know either r or n?

I have 98, 2500=71, 500(1+r/n)^17. Do you know how I would find r/n?

R is what they are asking for. R is a percent

What is n?

compounded monthly means that n = 12

982,500 = 71500(1 + r/12)^12*17

oh, because 12 represent the "per year"

982,500 = 71,500(1 + r/12)^204

divide both sides by 71,500

13.7412587 = (1 + r/12)^204

13.
74128874=(1+r/12)^204

1.012927965 = 1 + r/12

Subtract 1 from both sides

.012927965 = r/12

multiply both sides by 12

12.155 = r

ON the step with the sq rt of 13.7412587 I got an error msg

Your saying 204 sq rt 13.7412587 correct?

I dont believe I have that key

Are you operating a TI-84?

NO.. just a calculator on my computer the basic one..

Let me see if I can find a TI-84 on line and tell you what it looks like

How about under MATH option 5 does it show an x and then a radical sign

yes

YES!!!! I got it! such a relief! thank you very much